Ceylon Flats, a 21-unit walk-up residential development at 22-28C Ceylon Road, has been launched for en bloc sale through a public tender.
The three-storey property has a total area of 23,168 sq ft and a 999999-year leasehold tenure. It is zoned for residential use under the Master Plan 2008 with an allowable gross plot ratio of 1.4.
Tang Wei Leng, Executive Director of Investment Services at Colliers International, the sole marketing agent for the property, said the indicative price for the site ranges between S$25.75 million and S$27.39 million. This translates to around S$800 psf ppr to S$850 psf ppr.
A development charge of around S$176,000 is payable to maximise the allowable gross plot ratio. Colliers said each owner is expected to reap between S$1.22 million and S$1.3 million from the sale.
Tang noted that the site is expected to attract small- and mid-sized developers who appreciate a short turnaround time. It can be redeveloped into a five-storey residential project comprising either 29 units measuring 1,100 sq ft each or 50 units of 650 sq ft each.
Located off East Coast Road, Ceylon Flats is situated in an area that has been categorised as a popular food haven with various restaurants. The site is within close proximity to Katong Shopping Centre, Parkway Parade, Marine Parade Central and the new 112 Katong.
The tender for the site will close on 12 October 2011.
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